Upper West Side

A duplex on 72nd street recently sold for 12.3 million.

A recent New York Times article recaps a major sale on 72nd street in Manhattan.  Check out the full article for details but here are some notable highlights:

After being put on the market with an asking price of $12 million, the duplex ignited a bidding war that within three weeks jumped to $12.3 million. This selling price is promising for property values and those looking to pursue real estate. Seller Alexandre Chemla commenting on the duplex says, “It has beautiful light and views and a special floor plan that makes it feel like a home and is ideal for a family. Also, it has been completely renovated and beautifully maintained over the years and was in immaculate condition.”

The unit is 4600 square feet in size. It has two levels with fourteen rooms, sweeping staircases and a hand forged balustrade. The layout of the apartment includes five bedrooms, four bathrooms a powder room, reception and entertainment room. There is also a living room with a fireplace, a paneled library, dining room, and chef’s kitchen. Finally, the lower floor contains a separate guest suite.

The buyers name is Munib Islam, a managing partner at Daniel Loeb’s hedge fund. They were represented by Cathy Franklin of Brown Harris Stevens who were also listing agents for a three bedroom, four and a half bath simplex at the same building. The three bedroom apartment which sold for $8.85 million was recently purchased by Dylan Lauren, the daughter of famous designer Ralph Lauren and her husband, Paul Arrouet.

Only ten blocks south of the duplex on 125 east 72nd street is a $15 million apartment being sold by none other than Emeril Lagasse. Although, the selling price has dipped down to $13.5 million the 19 foot wide 6,900-square-foot apartment is still selling for more than the famous chef paid for it. The initial purchase price that Lagasse paid came out to $11.5 million only four years ago. This would mean a $2 million profit in just 4 years of appreciation. Ultimately, the signs are looking good on the real estate market in New York.